“The state assembly is set to vote Thursday on a bill that would allow developers to issue bonds backed by commercial development grants from the Economic Development Authority.
The bill, known as the Economic Redevelopment and Growth Financing Bond Act, would allow developers to generate cash upfront by issuing bonds backed by ERG Grant awards, as well as extend the time to complete projects under the Long Term Tax Exemption Law.
‘This was one of the Smart Growth Economic Development Coalition’s concepts going back to our original package of bills in the first iteration of the coalition in the late part of the Corzine administration and early Christie administration,’ Ted Zangari, member of Sills Cummis & Gross P.C., said in an interview. ‘We’re delighted that it’s finally starting to move.’”
